Cyber Risk and Business Continuity…
Remember your first computer? Some flaws and vulnerabilities in hardware and software may remain undetected for a long time but the recent breach at Liberty is rightly being seen as a wake-up call for corporate South Africa. With a high chance that every system will be – or has been – hacked, cyber resilience is now a critical business capability.
A recent study has shown Cyber Risk to be one of the major emerging trends in the changing risk landscape.
So what does one do? firstly, get the balance between risk appetite and resilience right. There is no one-size-fits-all approach. Companies must take the time to understand their particular threat landscape and their risk appetite. Mitigating risk costs money.
Consider the potential of civil action by clients should they suffer damages as a consequence of a data breach.
While cyber security has become top-of-mind for many, confidence levels are low. Research from ‘The Annual Specialist Risk Review 2018’ shows 39% of companies surveyed had already had a cyber attack, 42.5% of businesses do not have proper Anti-Cyber-Attack procedures in place and 34% of businesses decision makers feel their company is at risk of a cyber attack.
Don’t become a statistic, inquire about Cyber Risk Insurance. Forewarned is Forearmed